While attending the World Economic Forum (WEF) in Davos, the Crown Prince of Dubai and Chairman of Dubai Executive Council, Sheikh Hamdan bin Mohammed Al Maktoum, has signed an agreement to establish the Emirates Centre for the Fourth Industrial Revolution (4IR) in the UAE.

The theme of this year's forum is coping with the 4IR, and the opportunities and challenges that advanced technology such as artificial intelligence, robotics, fine medicine and self-driving vehicles bring to society.

The agreement was signed by Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs and The Future, Vice Chairman of the Board of Trustees and Managing Director of Dubai Future, and Professor Klaus Schwab, Founder and Executive Chairman of the WEF.

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The Emirates centre, which is the first of its kind in the world to receive WEF fellowship, will be managed by the Dubai Future Foundation.

"Selection of the country to host the 4IR Centre goes in harmony with the UAE Strategy for the Fourth Industrial Revolution, which is aimed at establishing a competitive innovation and knowledge - based economy in line with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to utilise new technologies and the tools of the 4IR to develop efficient solutions to the significant challenges besetting key sectors like education, health, food security and renewable energy," Al Gergawi said.

Over 3,000 participants were involved in year's WEF, including heads of state, business leaders, entrepreneurs, economists, financial experts and representatives from academia and the private sector.